In the News

Case IH's Early Riser planter named Agri Marketing magazine's 2016 NEW Product of the Year, DuPont Pioneer's Plenish High Oelic soybeans named Product of the Year. To schedule your organization's congratulatory ad contact Audrey Evans at AudreyE@AgriMarketing.com; 515-954-8589.

WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	0.0525	3.4450	3.6175
Soybeans	0.0775	9.9375	8.5775
Wheat	0.0500	4.0800	4.8325
Cattle	2.73	108.33	130.97
Hogs	0.67	47.80	54.38
Cotton	4.96	73.40	61.52
Milk	0.04	16.75	15.38
Crude Oil	2.21	45.62	40.75

Corn was up on the week and ended near the week's highs, amid technical buying and talk of declining U.S. acreage for 2017. Soybeans were also higher, although a large expected carryout and favorable South American growing conditions limited the upside. Both corn and soybeans benefited by continued strong export demand. The grains complex overcame relentless strength in the U.S. dollar index, which has been surging since the U.S. election and hit its highest level in more than 13 years. Wheat futures were up on the week, with support from declining winter wheat acreage estimates. Concern about dry weather in the western Plains added support for wheat, although as is the case with drought in the U.S. South, any major effect on crops is likely months away and could be negated by a wet winter. Cotton futures soared, breaking out of their sideways range amid near-term supply tightness. The energy complex surged, fueled by growing expectations of an OPEC production cut at their meeting at the end of the month as well as the pending arrival of winter in the U.S. after an unusually warm fall that depressed natural gas demand.

Lean hog futures were mixed on the week, with gains in nearby December but losses in other contracts. The cash market remains a buyer's market amid record large hog supplies, as packers have been able to pass on any pork price weakness to hog producers. Live cattle and feeder cattle futures surged, as cash trade jumped by as much as $5 to $108-$110. Packer margins have thinned but remain positive. Friday's Cattle on Feed report from USDA was friendly for prices as it confirmed that the U.S. feedlot inventory fell below a year earlier during October as feedlot placements fell to a four-year low, while marketings remained active.

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